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Maxlives on Snickers Barsand Doritos. The price of Snickers(S)is 2dollarsper barand the price of Doritos(D)is 1dollarper bag. Maxallows himself to...
Maxlives on Snickers Barsand Doritos. The price of Snickers(S)is 2dollarsper barand the price of Doritos(D)is 1dollarper bag. Maxallows himself to spend no more than 10dollars a day on food. He also restricts his consumption to 5,000calories per day. There are 500calories in a Snickers Barand 1000calories in bag of Doritos. Assume that Max spends his entire money budget each day and consumes no more calories than his limit.a)Draw Max's Budget constraint and calculate the MRT.Put Snickers on the Y-Axisb)Draw Max's caloric constraint.c)Identify the set of possible bundles that satisfy Max's budget and caloric constraint?d)What is the highest number of Snickers bars Max could feasibly consume? Would he have income left if he did that?Does he meet his caloric constraint?e)What is the largest number of bags of Doritos he could feasibly consume? Would he have income left after that? Does he meet his caloric constraint?
f)What combination of Snickers and Doritos would he consume if wanted to spend all his money and consume 5,000 calories?
